KANALCOIN NEWS – Warm news comes from the land of Uncle Sam, United States. The United States (US) House of Representatives (DPR) has passed several bipartisan bills, one of which is H.R. 1602. H.R. 1602 itself aims to regulate cryptocurrencies.
The bill on cryptocurrencies was passed on Tuesday (20/4/2021) local time and was immediately introduced by a member of the House of Representatives and the leader of the House Financial Services Committee, Patrick McHenry.
The scope of this bill also involves the United States Securities and Exchange Commission (SEC) and the United States Commodity Futures Trading Commission (CFTC) to form a working group that focuses on digital assets.
H.R. 1602, entitled “Eliminate Barries to Innovation Act of 2021,” assigned the SEC and the CFTC a new task of establishing a digital asset working group aimed at ensuring collaboration between regulators and the private sector.
The hope is that collaboration between regulators and the private sector will be able to create new innovations in the field of digital assets.
“This bill passed requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to form a working group focused on digital assets,” said McHenry, quoted by Kanalcoin.com from News.Bitcoin.com.
“This is the first step in opening a dialogue between regulators and the private sector, so that we both turn to the necessary regulations,” McHenry added..
In the bill on cryptocurrencies, the SEC and the CFTC are asked to immediately form a working group in question with a deadline of at least 90 days after this bill is passed.
In addition, the bill also requires working group members to have at least one representative from a fintech company. This is because fintech companies will be the parties that provide digital asset products and services.
In addition, the working group should also include representatives from financial companies regulated by the SEC or CFTC, institutions involved in academic research or advocacy related to the use of digital assets, small fintech companies, investor protection organizations, and investment-supporting institutions. in historically underserved businesses.
McHenry also said that the SEC and the CFTC must file a report no later than one year after the bill is enacted. The report will contain regulatory analysis and recommendations related to laws and regulations under the SEC or CFTC.
“The working group must submit reports no later than one year after the order is enforced to the SEC, CFTC, and relevant committees,” McHenry said.
McHenry also recommended that the contents of the report include the creation, maintenance, and improvement of primary and secondary markets for digital assets.
It also aims to improve justice, order, integrity, efficiency, transparency, and availability in the financial market.
“The report must also cover standards related to custody, cybersecurity, personal management to business continuity related to digital asset intermediaries,” he said.
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